Old Mutual GI boosts commodities division

Old Mutual Global Investors (OMGI) has appointed Diego Parrilla to the newly created role of managing director, commodities.

Parrilla (pictured) will primarily be charged with cultivating and promoting the firm’s recently launched £60 million (€70.3 million) gold and silver fund to institutional investors. He will also work with OMGI's management team to identify absolute return strategies across precious metals and commodities.

The role is based in Singapore, and he will report to Paul Simpson, investment director at OMGI.

Overall, Parrilla has nearly 20 years’ experience in the commodities field, including roles at Merrill Lynch, BlueCrest Capital Management, Goldman Sachs and JP Mogan.

Richard Buxton, chief executive of OMGI, said the firm recognised precious metals have become an increasingly important asset class as investors look to hedge against the impact of market volatility and specifically the actions of central banks.

Looking forward, Parrilla sees a “perfect storm” for the gold market horizon.

“Central banks and global markets are testing the limits of monetary policy, credit markets, and fiat currencies, which in my view support a multi-year bull market for precious metals,” he said.

OMGI manages assets of £22.1 billion as of March 31 this year.

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